Global Artificial Intelligence Market: Snapshot
The global artificial intelligence market is prognosticated to increase its growth with high adoption in prime end-use industries such as healthcare and consumer electronics. Vendors may focus on research and development to launch novel products and services in the global artificial intelligence market. Enterprises are spending massive amounts of funds on artificial intelligence to improve the quality of products and services. Besides healthcare and consumer electronics, artificial intelligence is gaining demand in other businesses as well.
However, lack of technical expertise could hamper the demand in the global artificial intelligence market. The slow growth in demand could also reflect on the adoption of artificial intelligence. Moreover, the installation of artificial intelligence systems require high expenditure. Additionally, the development cost of artificial intelligence is extortionate. Nevertheless, there could be rewarding prospects taking birth in the global artificial intelligence market with the advancement of parallel handling capacities and increase in data stockpiling limit. Increasing application in the automotive industry could be another factor augmenting the demand in the global artificial intelligence market.
The global artificial intelligence market is foreseen to expand at a 36.10% CAGR between 2016 and 2024 to obtain a valuation of US$3,061.35 bn by the final forecast year. In 2015, the global artificial intelligence market was valued at a US$126.24 bn.
Digital Assistance Shows Lucrative Market Growth with High Adoption of Mobile Computing Devices
On the basis of type, the global artificial intelligence market is classified into automated robotic system, expert system, embedded system, digital assistance system, and artificial neural system. Among these types, expert system is foreseen to take hold of a larger share of the global artificial intelligence market. On the other hand, digital assistance could be one of the most lucrative segments of the global artificial intelligence market. This is expected to take shape because of the growing consumption of tablets, laptops, and other mobile computing devices.
By application, the global artificial intelligence market is divided into cybersecurity, context aware processing, speech recognition, deep learning, video analysis, smart robot, gesture control, image recognition, language processing, digital personal assistant, and querying method. Among these, deep learning is predicted to secure a leading share of the global artificial intelligence market. Apart from deep learning, image recognition and digital personal assistance could show remarkable progress in the global artificial intelligence market.
Increasing Popularity of Smart Cities Helps MEA to Exhibit Faster Growth in Market
From a geographical point of view, the global artificial intelligence market is foretold to find North America taking a leading position in terms of share. The region secures a 38.0% share of the global artificial intelligence market. However, the MEA is projected to post a whopping CAGR of 38.2% during the forecast period 2016-2024. The region could create strong growth opportunities in the artificial intelligence market as new initiatives including constructing airport buildings and other infrastructure projects continue to be adopted in the next few years. Furthermore, rising popularity of smart cities, robotic automation, and aggressive technological innovations.
The global artificial intelligence market includes prominent players such as IBM Corporation, Nuance Communications, and QlikTech International AB.
The “Artificial Intelligence Market” report provides analysis of the global artificial intelligence market for the period 2014–2024, wherein the years from 2016 to 2024 is the forecast period and 2015 is considered as the base year. The report precisely covers all the major trends and technologies playing a major role in the artificial intelligence market’s growth over the forecast period. It also highlights the drivers, restraints, and opportunities expected to influence the market growth during this period. The study provides a holistic perspective on the market’s growth in terms of revenue (in US$ Bn), across different geographies, which includes Asia Pacific (APAC), Latin America (LATAM), North America, Europe, and Middle East & Africa (MEA).
The market overview section of the report showcases the market’s dynamics and trends such as the drivers, restraints, and opportunities that influence the current nature and future status of this market. Moreover, the report provides the overview of various strategies and the winning imperatives of the key players in the artificial intelligence market and analyzes their behavior in the prevailing market dynamics.
The report segments the global artificial intelligence market on the types of artificial intelligence systems into artificial neural network, digital assistance system, embedded system, expert system, and automated robotic system. By application, the market has been classified into deep learning, smart robots, image recognition, digital personal assistant, querying method, language processing, gesture control, video analysis, speech recognition, context aware processing, and cyber security. Thus, the report provides in-depth cross-segment analysis for the artificial intelligence market and classifies it into various levels, thereby providing valuable insights on macro as well as micro level.
The report also provides the competitive landscape for the artificial intelligence market, thereby positioning all the major players according to their geographic presence, market attractiveness and recent key developments. The complete artificial intelligence market estimates are the result of our in-depth secondary research, primary interviews, and in-house expert panel reviews. These market estimates have been analyzed by taking into account the impact of different political, social, economic, technological, and legal factors along with the current market dynamics affecting the artificial intelligence market’s growth.
QlikTech International AB, MicroStrategy Inc., IBM Corporation, Google, Inc., Brighterion Inc., Microsoft Corporation, IntelliResponse Systems Inc., Next IT Corporation, Nuance Communications, and eGain Corporation are some of the major players which have been profiled in this study. Details such as financials, business strategies, recent developments, and other such strategic information pertaining to these players has been provided as part of company profiling.
- Below is the list of acronyms used in the report:
- SMAC – Social, Mobile, Analytics, and Cloud
- IoT – Internet of Things